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Russian government increases quota for export of ferrous scrap and waste

The additional quota volume will be distributed by the Ministry of Industry and Trade among foreign trade participants and the decision will remain in force until December 31, 2024

MOSCOW, November 28. /TASS/. The Russian government increased the volume of the tariff quota for the export of ferrous scrap and waste outside the Eurasian Economic Union (EAEU). The decree was signed by Russian Prime Minister Mikhail Mishustin, the government press service reported.

"This will allow industry participants to sell additional volumes of raw materials on the foreign market that are not in demand on the domestic market," the report said.

According to the press service, the quota will be increased by 100,000 tons - from 550,000 tonnes to 650,000 tons. The additional quota volume will be distributed by the Ministry of Industry and Trade among foreign trade participants and the decision will remain in force until December 31, 2024.

As before, when exporting scrap and waste ferrous metals within the norm, the duty will reach 5%, but not less than 15 euro per ton, when exceeding the quota - 5%, but not less than 290 euro per ton.

The Russian government introduced temporary duties on the export of ferrous and non-ferrous metals in 2021-2024 against the background of rising global prices for these products. Such consistent measures to regulate metal exports made it possible to mitigate the impact of external conditions on the domestic market, adjust raw material prices, and continue to implement large infrastructure projects.

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